A decline in performance fee revenue at US fund manager AllianceBernstein marred the results of Axa's funds divisions on February 25, offsetting good results at the French insurer's European asset management operations, Axa Investment Managers.

Axa group reported €2.6 billion in revenues from AllianceBernstein, in which it owns a 62.7% stake, during 2015. The company's results statement described this as 0% growth from 2014, when it reported €2.1 billion in revenues from the US firm.